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The fare yo-yo continues, as American, Continental, Delta, and United initiate an industry-wide fare increase of $10 on round-trip flights. According to the Associated Press, if this price increase sticks, it will be the seventh this year. Ouch.

The truth of the matter is that, even if this particular fare increase doesn't stick, fares are still going to be rising as we head into summer. Motivated by increased fuel costs and the irresistible allure of a busy summer travel season, airlines are unlikely to give up until passengers are paying more.

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So where does that leave us as travelers looking to pay the least to get the most? It means acting fast and definitively when airfare sales crop up. And, with airfares trending upwards, it makes waiting to book ever riskier. While there's no telling if last-minute fares are going to deliver big savings until the last minute, fewer flights and who-knows-how-many-more fare increases make them a real gamble.